Could someone please explain the presidents bailout plan to me?

The federal government will borrow more money from the federal reserve bank (a private company) at the interest rates set by the federal reserve. This borrowed money (debt) will be used to pay off debts caused by poor economic planning by private companies with strong lobbyists in DC. The ensuing inflation will be borne by American's in the form of higher prices for everything we buy and ignorant people will blame the various companies for these higher prices citing "greed" as the major reason for the higher prices. The government will then step in and nationalize these companies, starting probably with the oil companies, then the food producers.

The American taxpayer will bear the brunt of the costs of this bailout, including but not limited to the principle amounts, plus the inflation, and when government nationalizes the aforementioned companies, our taxes will be raised to keep these afloat since profits will no longer be allowed.

In a word, we are doomed.

You the taxpayer are being given the bill for 700 billion in bad debts.

The bad debts were made by the financial institutions.

The bad debts were in the form of mortgages for houses that were priced way beyond realistic levels. The housing market is correcting and people are walking away from unsustainable mortgages for these overpriced homes.

Simply put, the banks that screwed everything up are getting more money - from, of course, the taxpayers. The U.S. government, a big business itself is looking after their own while the people once again get screwed. The people that are struggling to keep their homes, the ones who lost their homes to shady banking and just the average Joe trying to feed his family will get no help at all.